Medical Savings Account

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Related to Medical Savings Account: Archer Medical Savings Account, Flexible spending account

Medical Savings Account (MSA)

An Archer MSA is a tax-exempt trust or custodial account that you set up with a U.S. financial institution (such as a bank or an insurance company) in which you can save money exclusively for future medical expenses. To patrticipate in an Archer MSA you must be either self-employed or an employee of an eligible small employer. MSA contributions are deductible, subject to limits, as an adjustment to income.
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It is important to emphasize, that the value of savings collected by the use of Medical Savings Accounts is influenced by various macroeconomic factors (e.
Claims are submitted to the MSA trustee for reimbursement, and a summary of annual distributions is reported to the recipient on Form 1099-MSA, Distributions from Medical Savings Accounts.
Medical savings accounts have advantages not always available with other health plan options:
Pat, I know if I had not had a medical savings account, I would never have even thought to ask about the cost of the tests, not to mention thinking of shopping around for a better price.
Archer has retorted that medical savings accounts would give consumers the power to go to any doctor they wanted, would be truly portable because individuals could take the accounts with them if they changed jobs or retired, and would reduce paperwork and premium increases.
After having been told by my primary-care physician that I needed to have a couple of tests run at a hospital, I explained to him about my medical savings account and inquired about the cost of the tests.
The Medicare MSA contains two portions: a health insurance plan and a Medical Savings Account.
The whole discussion regarding national health care reform and medical savings accounts (MSAs) has raised awareness of methods to control rising health care costs.
Money in the medical savings account is used to pay medical expenses included in the deductible.
But the most radical change Republicans want to offer seniors is the option of investing their Medicare benefits in a Medical Savings Account (MSA).
Thwarting its enactment are House Republicans who seek the passage of a medical savings account provision, which would allow small businesses to band together to form health insurance purchasing pools without state regulation.

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